According to revenue recognition from contracts with customers, the transaction prices may cover

Select one:

a. Fixed amount

b. Variable consideration

c. All Choices are correct

d. Time value of money

According to the IASB, companies use one of the following approaches for changes in accounting policies

Select one:

a. Retrospective approach

b. Cumulative prospective approach

c. Cumulative and Retrospective approach

d. Prospective approach

Which of the following is not considered a change in accounting policies?

Select one:

a. All choices are correct

b. Overstating the ending inventory

c. Converting from double-declining balance to straight-line for PPE depreciation

d. Incorrect classification of an assets

What accounting change that should always be reported in the current and/or future periods

Select one:

a. Change in accounting estimate

b. Change in accounting policy

c. Correction of errors

d. All choices are correct